The Saudi Arabia cabinet authorised on Tuesday its Minister of Commerce Majed Bin Abdullah Al Qasabi to discuss and sign with the Pakistani side a draft memorandum of understanding pertaining to small and medium enterprises.
The draft MoU would be between the “Small and Medium Enterprises General Authority of Saudi Arabia and the Small and Medium Enterprises Development Authority affiliated with the Ministry of Industry and Production of Pakistan for cooperation in the field of small and medium enterprises,” said a statement from Saudi Press Agency.
The development comes as Pakistan seeks investment from the kingdom in different sectors.
Caretaker Prime Minister Anwaarul Haq Kakar left for Kuwait on Tuesday after signing “multi-billion” dollar MoUs with the United Arab Emirates.
In September, caretaker Prime Minister Anwaarul Haq Kakar said that Saudi Arabia would invest up to $25 billion in Pakistan over the next two to five years in various sectors.
The South Asian nation is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan programme, approved by the International Monetary Fund in July, averted a sovereign debt default.